OC Units definition
Examples of OC Units in a sentence
The Executive further acknowledges that he and the Employer have agreed to enter into this Agreement in connection with the transactions described in the recitals hereto, pursuant to which the Executive will have the opportunity to exchange OC Units for Class A Shares and sell such Class A Shares.
The Executive acknowledges and recognizes the highly competitive nature of the business of the Employer and its affiliates and accordingly agrees to be bound by the restrictive covenants set forth in Sections 5.07 and 5.08 of the Operating Agreement, to which the Executive is a party, and, in the event of his violation of such restrictive covenants, the forfeiture of certain of his OC Units pursuant to Section 6.02 of the Operating Agreement.
As part of the Formation Transactions, (i) the Company will contribute the net proceeds from the public offering of the Shares to the Operating Company in exchange for units of interest in the Operating Company ("OC Units") and (ii) the Operating Company will issue OC Units to the Company.
In the event that the Company issues Shares, the Company shall contribute the net proceeds raised in connection with such issuance to the Operating Company and receive the number of OC Units of the Operating Company equal to the number of Shares issued by the Company with designations, preferences, and other rights, all such that the economic interests of such OC Units shall be substantially similar to the designations, preferences, and other rights of the Shares so issued by the Company.
None of the OC Units will be issued in violation of the preemptive or other similar rights of any security holder in the Operating Company.
Company will own the number of OC Units of the Operating Company equal to the number of Shares of the Company outstanding at any time.
The purpose of the Performance Allocation is intended to provide the Manager a number of OC Units for incentive and performance awards to the extent of ten percent (10%) of the quarterly or annual increase in Net Asset Value per Share while protecting the gains in value per share recognized by shareholders of the FUND.
So long as the Manager is manager of the Company, persons employed or otherwise contractually associated with the Manager may be designated at the Manager’s discretion to receive OC Units in PHAT (the “Performance Allocation”).
The Executive further acknowledges that he and the Employer have agreed to enter into this Amendment in connection with the matters described hereinabove and nothing herein shall diminish the rights of the Executive to exchange OC Units for Class A Shares and sell such Class A Shares at such time as is provided for in the Agreement, except in the event of his violation of the restrictive covenants set forth in Exhibit A hereto, and the Further Restrictive Covenants.
Fully diluted REICG Shares shall consist of OC Units and other stock equivalents, if any, that can and may be expected to be converted into REICG Shares.